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Global Telecom loses $32m during Q3 of 2015 - Daily News Egypt

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Global Telecom loses $32m during Q3 of 2015

Djezzy revenues decline, exchange price most prominent cause


By Mohamed Alaa Eldin

Global Telecom reports revealed that they has lost about $32m during the third quarter (Q3) of 2015, a 13.4% loss compared to Q2, but still showing improvements compared to  2014.

According to the company’s financial results, annual net losses have improved with the support of the low cost of services, recording a 19.6% decline for Q3 of 2014. Results also showed a decline in financial costs by 63.7% compared to Q3 of 2014, in addition to a 48.4% decline in losses led by price exchange versus Q3 of 2014. Income tax rate declined by 69.7% compared to Q3 of 2014.

The financial results report attributed the Q3 losses increase to the high depreciation and amortisation expenses that increased by 25.3% compared to Q2 of 2015. It also attributed it to the rise of financing costs by 3.6% and more currency exchange losses by 186.0% compared to Q2 of 2015.

Minority shares also increased significantly compared to Q3 of 2014 as a result of selling a stake of 51% of Orascom Telecom’s shares in Algeria, where minority shares accounted to $45.6m in Q3 of 2015 versus $4.2m in the comparative period in 2014.

Total revenues amounted to $730m during Q3 of 2015, a decrease of 13.0% from the comparative period in 2014. It was affected by the weak performance of Djezzy Company of Global Telecom Algeria and the decline of the Algerian dinar against the dollar by 22% during Q3 of 2015 compared to the same period of 2014. Revenues fell by 23.9% compared to Q3 of 2014 and by 1.4% compared to Q2 of 2015.

The decline in the number of company subscribers increased by 2.4% compared to Q3 of 2014 with 84.4 million subscribers in September 2015.

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